Essays on Australias Bilateral Trade Relations Report

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The paper "Australia’ s Bilateral Trade Relations" is a great example of a report on macro and microeconomics. Australia has been a major player in global trade for a long time. Impressive economic performance has created production capabilities and also enhanced aggregate demand. Conventionally, the UK, US, and Canada are the major trade partners with Australia. In the recent past, the country has explored other markets from emerging economies more so in Asia. These new trade relations have enhanced diversity in trade and created even newer industries. Such trade relations are established either between two countries or among a number of countries.

The growth of these trade relations has been boosted and also undermined by events in the global arena. This paper discusses Australia’ s trade relations with China one of its major trading partners and Thailand which is one of its minor trading partners. Sino-Australia trade relations China is the 3rd largest country in the world with a population exceeding 1.3 billion people occupying a total land area of 9,596,960 sq km. Australia on the other hand is 20% lesser than China inland area with a relatively low population of just over 21.8 million people when compared to its land area.

These two countries have in the recent past become great trading partners that they are considering a free trade agreement to facilitate more trade (DFAT 2011; WTO 2011). Both countries are net importers (WTO 2011). China mainly exports manufactured products such as garments, electronics, telecommunication equipment, and automobiles to the rest of the world while Australia mainly exports energy and mining products, agricultural products as well as services such as tourism and education (DFAT 2011).

According to the 2006 IMF ranking of global economies, China was ranked 4th in the world and Australia 12th. The diplomatic relationship between Australia and China on trade and commercial terms has grown rapidly over the years since the signing of a trade agreement between the two governments in 1973. This agreement has been the basis of all other succeeding trade and diplomatic relations between the two countries (Vigfusdottir 2008). While cultural, military-political, and social interactions have grown, trade has taken center stage. The growth in trade relations has been spurred by economic developments in either country and also events in the global arena.

Australian corporations are keen on exploiting the large Chinese market while Chinese firms are keen on marketing their products abroad.  

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